1. Strategic partnership between government, the industry and regulators
There should be effective collaboration between different government departments, the industry and regulators in order to agree on priorities and actions.
2. A trusted industry doing what is right for customers and clients
The industry must focus on doing what is right for clients while earning reasonable shareholder returns. All parts of the industry should consistently demonstrate ethical behaviour that sits at the heart of decision-making.
3. Products and services should address key societal needs
The industry should provide customer-centric products and services that help address important societal needs. At the core of this is the provision of day-to-day financial services in a way that is secure, user-friendly, fast and cheap.
4. Enhanced trade and investment with developed, emerging and niche markets
The industry should be better promoted abroad through improved collaboration between industry and government, including more effective consultation and engagement on appropriate international promotion activities.
5. A leading FinTech and innovation centre
The UK’s FinTech sector can help drive the financial industry’s evolution, enabling transformation through technology. The way firms deliver products and services can be made more effective and efficient, while experiences and offerings for retail and business customers should be revolutionised.
6. Access to deep pools of the best, diverse domestic and global talent
The UK should grow and develop the digital and entrepreneurial skills required by the industry. For example, mathematical programming skills can support machine learning and AI, developers and designers can transform user experiences, and technologists and engineers can deploy new systems using technologies such as blockchain and the Internet of Things. These new skills should be created through stronger partnerships between the industry and educational institutions.
7. Internationally focused, strong and agile regulation
UK regulators and policymakers must continue to lead the development of an open and compatible global financial system. They can provide global leadership and promote consistent regulatory standards and approaches.
8. A simplified, stable and internationally competitive tax regime
As with legal certainty, the tax regime must be stable, and become renowned for being so. This means that change would need to be managed very carefully, signposted on published roadmaps and introduced according to clear principles.
9. World-leading digital and physical infrastructure
Government and industry should work together, with more effective use of public-private partnerships (PPPs), to provide world-class infrastructure throughout the UK.
10. Internationally trusted legal system and rule of law
The UK should continue to offer a strong, clear and consistent system of law. This would include maintaining an independent judiciary and effective objective mechanisms for international commercial dispute resolution.
Alan Gemes
